Circuit City to close 155 stores

Electronics retailer Circuit City Stores Inc. announced Monday it will close 155 stores and lay off 17 percent of its work force.

In an effort to restructure its business, the Richmond-based company said it will consider all alternatives in restructuring its business. Three Virginia stores will close, including one each in Charlottesville, Manassas and McLean. The 155 affected stores will close immediately.

The company also said it will not open any new stores in the current fiscal year. Ten were planned.

“We deeply regret the impact today’s announcement will have on our associates, our guests and the communities where these stores are located,” said James A. Marcum, vice chairman and acting president and chief executive officer of Circuit City Stores, in a statement. “We truly are grateful to each of our associates for their many contributions to the company. We are also grateful for the loyalty and support we have received from our guests in the impacted communities.”

Circuit City was warned by the New York Stock Exchange last month that it was in danger of being delisted if its stock price remained below $1 per share.